Albany International details cost cutting

Manufacturer Albany International Corp. said today in a filing with the Securities and Exchange Commission that its plan to centralize administrative functions in Europe will cost 20 to 24 cents per share over the next three to four quarters.

To put that in perspective, Albany International’s third-quarter earnings were 49 cents a share, or $14.3 million.

Albany International makes fabrics used in paper manufacturing and other industrial materials. The consolidation in Europe would take place with the company’s paper machine clothing unit.

Albany International noted in the SEC document that the cost-cutting “is subject to review under local law and would be carried out in consultation with the relevant work councils and trade unions.”

The measures would cost the company in the short term as it makes cash-termination and severance payments to employees in Europe.